Australia’s growth slowed to 0.6 percent in the second quarter which the government said Wednesday showed the nation’s mining-fueled economy is not immune from global woes.
The growth for the April-June quarter was down sharply from the 1.4 percent expansion reported for the first quarter of the year.
The Australian Bureau of Statistics figures also showed that the economy grew 3.7 percent for 12 months through June, with mining, finance and insurance industries the largest contributors.
Treasurer Wayne Swan said the prices for Australia’s most lucrative exports to a cooling China — iron ore and coal — had fallen more than the government had forecast in May when it announced its economic blueprint to return the nation’s coffers to surplus in the current fiscal year.
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